JPMorgan Chase is expanding in Miami and Palm Beach, in a bid to seize South Florida's booming wealth.
The bank will double the size of its offices in Brickell, Miami's financial district, to a total of 160,000 square feet. The expansion will allow for an extra 400 employees, according to a statement.
"Miami and South Florida are home to an increasing number of our clients, customers, community partners and employees, and a strategic location for our operations in Latin America as well," said Jonathan Bello, a chair of the firm's South Florida market leadership team.
JPMorgan also leased 13,000 square feet for an office in West Palm Beach and will open three financial centers in South Florida early next year.
JPMorgan's South Florida expansion will add an average of $151 million in economic activity to the region, as well as 380 construction jobs, the bank estimates. The Miami offices are home to one of JPMorgan's largest international private banking operations, serving mostly Latin America clients, according to a spokesperson.
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JPMorgan CEO Jamie Dimon said in April the bank was renovating its offices in Tampa, where it has more than 6,000 employees. The firm also signed a deal earlier this year for the naming rights to the home soccer stadium where Lionel Messi plays in Fort Lauderdale. JPMorgan says it contributes more than $1.93 billion to the Florida economy every year.
The New York-based bank is in the midst of building a new headquarters in Manhattan, but Dimon has long contrasted the business-friendly approaches of Florida and Texas with what he sees from his company's home state. Roughly a decade ago, he joked that he sometimes wonders why JPMorgan doesn't move to Miami.
